Hungary Trends – The week in business and finance

Budapest, April 23 (MTI) – See below MTI’s main business and financial news from the previous week:

IMF RAISES HUNGARY GROWTH FORECASTS

The International Monetary Fund raised its forecast for GDP growth in Hungary this year to 2.9 percent from 2.5 percent in its latest World Economic Outlook. The IMF raised its forecast for GDP growth next year to 3.0 percent from 2.1 percent.

TATA CONSULTANCY SERVICES EXPANDS BUDAPEST SHARED SERVICE CENTRE

India’s Tata Consultancy Services (TCS) inaugurated 5,000sqm of office space at its shared service centre in Budapest, creating 500 jobs. Headcount at the service centre now stands at 1,800. Read more HERE.

HUNGARIAN, GEORGIAN BUSINESS LEADERS MEET IN TBILISI

Hungarian and Georgian business leaders met at a forum in Tbilisi during an official visit to the country by Prime Minister Viktor Orbán. Hungary’s Eximbank has opened an 85 million euro credit line to support partnerships between Hungarian and Georgian businesses. Read more HERE: GOOD HUNGARY-GEORGIA TIES SHOULD PROMOTE ECONOMIC COOPERATION, SAYS ORBÁN

RÁBA SIGNS EUR 10 M CONTRACT WITH RMMV

Hungarian automotive industry company Rába signed a contract worth up to 10 million euros over four years to deliver welded vehicle parts to the Austrian subsidiary of Rheinmetall MAN Military Vehicles (RMMV). The contract marks Rába’s entry into the welded vehicle parts segment.

SAN BENEDETTO SPENDS HUF 3 BN TO BOOST OUTPUT OF HUNGARIAN BRAND

The local unit of Italian mineral water bottler San Benedetto is spending 3 billion forints (EUR 9.6m) to triple output of its Mizse brand to more than 300 million bottles a year, distribution director Zoltán Balog said. The brand accounted for about half of Magyarvíz’s 6.6 billion forints in sales last year.

HUNGARY GROSS WAGES CLIMB 10.7 PC IN FEBRUARY

The average gross wage in Hungary rose 10.7 percent year-on-year to 274,800 forints in February, the Central Statistical Office (KSH) said. KSH noted that wages have been boosted by the higher minimum wage as well as pay rises for social services and healthcare workers and state employees in the cultural sector. Read more HERE.

FOREIGN MINISTER VISITS KUWAIT

Minister of Foreign Affairs and Trade Péter Szijjártó met Kuwaiti Amir Shiekh Sabah Al Ahmed Al Sabah as well as government officials and the heads of some 40 companies during a visit to Kuwait City. Hungary’s Eximbank has opened a 510 million euro credit line to support partnerships between Hungarian and Kuwaiti companies, Szijjártó said. Read more HERE.

MAGYAR SUZUKI TURNS OUT 3 MILLIONTH CAR

The local unit of Japanese car maker Suzuki rolled the 3 millionth vehicle — an SX4 S-Cross — off a production line at its plant in Esztergom. The plant has been operating since 1992. It employs about 3,000 people.

GOVERNMENT SUBMITS 2018 BUDGET BILL TO FISCAL COUNCIL

The Economy Ministry submitted the government’s 2018 budget bill to the Fiscal Council. The Council has ten days to deliver an opinion on the draft legislation. Economy Minister Mihaly Varga said the bill assumes 4.3 percent GDP growth and a budget deficit of 2.4 percent.

FIRST DIRECT FREIGHT TRAIN FROM CHINA ARRIVES IN HUNGARY

The first direct freight train between China and Hungary arrived in Budapest, carrying more than 1 million US dollars in clothing, electronics, toys and steel. The 650-metres long train, carrying 41 shipping containers, travelled more than 10,000km over 17 days, passing through Kazakhstan, Russia, Belarus, Poland and Slovakia before arriving at Mahart Container Center terminal in the Port of Budapest.

Source: MTI